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President's Message - August 15, 2018

Federal Deposit Insurance

Your Shares at LM Federal Are Federally Insured. Share insurance coverage is provided by the National Credit Union Administration (NCUA), an independent government agency of the U.S. government that charters, regulates and insures federal credit unions. Your shares are backed by our solid financial standing. However, the insurance protects members against loss if a federal credit union fails.

LM Federal’s savings, checking, Share certificates and Money Market Savings Accounts are insured for up to $250,000. Individual Accounts. Individual accounts are owned by one member. You are insured for up to $250,000 for combined balances in your LM Federal savings, checking,
Share certificates and money market accounts.

Insurance Coverage Example
Account owner: David Jones
Amount insurance coverage: $250,000

Joint Accounts
Joint accounts are owned by two or more members, to include your LM Federal savings, checking, Share certificates and money market accounts. Each owner on the account is insured for up to $250,000. The most federal insurance coverage any member can have as a result of joint ownership is $250,000, regardless of the number of joint accounts he or she co-owns.

Insurance Coverage Example
Primary owner: Betty Jones
Joint owner: Gary Jones
Amount insurance coverage:
2 owners x $250,000 = $500,000

Individual Retirement Accounts (IRAs)
IRAs are personal savings plans that allow you to set aside money for retirement. The combined balances of all the accounts in your Traditional, Roth IRA plans and Educational Savings Accounts are insured separately from your other LM Federal accounts for up to $250,000.

Click here for additional information regarding the NCUA Federal Deposit Insurance coverage.

Mark Bold
LMFCU President

Career & Volunteer Openings

Volunteer Opportunities Available

None at this time.

Employment Opportunities

None at this time.